Pakistan's forex reserves hit record $21.5 billion in July-September quarter
The State Bank of Pakistan's reserves reached a record $21.5 billion in the first quarter of FY2026-27, up 52 per cent year on year, according to a government scorecard. A staff-level IMF agreement could bring another $1.2 billion, subject to Executive Board approval.
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- SBP reserves rose 52 per cent year on year to $21.5 billion, a record in the scorecard.
- Net foreign investment inflow was $3.65 billion, against a net outflow of $33 million a year earlier.
- A staff-level IMF agreement could unlock $1.2 billion, pending Executive Board approval.
- The current account deficit widened to $874 million.
Pakistan's foreign exchange reserves reached a record $21.5 billion in the first quarter of the 2026-27 financial year, according to the Ministry of Finance's macro, reform and investment scorecard for July to September 2026. The State Bank of Pakistan's reserves were up 52 per cent from a year earlier. Total liquid reserves stood at $26.8 billion, and import cover rose to more than three months from 2.2 months a year earlier. The rupee appreciated 1.5 per cent year on year.
Net foreign investment recorded an inflow of $3.65 billion, compared with a net outflow of $33 million in the same period last year. Foreign direct investment rose 20 per cent to $720 million, and foreign private investment rose 44 per cent to $691 million. Foreign public investment was $2.96 billion, against a net outflow of $512 million a year earlier.
Combined exports of goods and services rose 11 per cent to $11.2 billion. Goods exports increased 8 per cent to $8.5 billion, with September reaching a 20-month high, while services exports climbed 23 per cent to $2.7 billion. IT exports rose 18 per cent to $1.25 billion, and freelancers' earnings grew 46 per cent to $550 million. Remittances rose 14 per cent to $10.9 billion, mainly from Saudi Arabia, the UAE, the UK and Europe.
The current account recorded a deficit of $874 million, compared with $755 million a year earlier. The scorecard said this was in line with the government's forecast. Business Recorder noted that the scorecard does not include indicators such as imports, inflation, per capita income and poverty.
On credit ratings, Moody's upgraded Pakistan from Caa1 to B3 with a stable outlook, and Standard and Poor's raised it from B minus to B, also stable. Fitch kept its B minus rating with a stable outlook. The scorecard said all three major agencies now place Pakistan in the B category.
The government reported a staff-level agreement with the IMF on the fourth review of the Extended Fund Facility and the third review of the Resilience and Sustainability Facility. This could lead to another $1.2 billion, subject to approval by the IMF Executive Board. The scorecard described programme implementation as broadly on track.
The Federal Board of Revenue collected Rs 3.1 trillion, up 7 per cent and above target, and income tax filers rose 45 per cent to 5.77 million. The policy rate stayed at 11.5 per cent through September. Private sector credit reached Rs 11.28 trillion, up 16.6 per cent. Total government debt fell Rs 714 billion to Rs 86 trillion, and external debt held at $98.2 billion.
Why it matters
Reserves, the rupee and possible IMF financing bear on the government's ability to pay for imports and on prices in Pakistan. The scorecard also reports higher exports, remittances and tax collection.
